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but there are several big names that have been down in the dumbs making a comeback now. on that list, aig. look at this chart. up 275% in a month. what's making this stock jump? fannie, freddie, bank of america, citigroup also making moves. in depth on the widely held stocks on the st. if almost everyone else owns them, shouldn't you? what we will learn from the kua kuants. >> i'm in for my colleague, dennis kneale. even with a friday fade, the positive news from retailers and bad news on bank those in critical condition topping 400, the death of massachusetts senator ted kennedy. 46 years in office and 77 years on this earth being celebrated tonight by family and close friends at jfk in boston. and tomorrow buried in the arlington cemetery. >> five owe their survival to government intervention. today, trading totaled almost 40% of the big board listed volume. freddie me an and fannie mack, check out this chart. fannie mae up 52% and freddie mac, up 251%. they were in big trouble and now soaring. both in hock to the government, citi is up 75% and bank of america on a run as well in the last mon
, folks. let's take a look at some of the big names going on here. first aig. and of course a lot of discussion. it's a pretty simple story folks. late in the day american international group yesterday, there were rumors floating around that perhaps mr. greenberg would be invited back at this point. that was just a rumor but then late in the day we did get some confirmation from reuters that mr. benmosche, who is the ceo of aig, was talking to mr. greenbe greenberg. the stock moved up toward the close and again here a fairly javy volume well north of 100 million shares. citigroup, what can you say about citigroup? ever since we had that move away from the preferred shares and into the common shares, they converted the preferred into common there's been big volume. once again we're going to do over 1 billion shares in citigroup. yes, a lot of this is momentum trading. of course it is. nonetheless it's certainly important here because the stock has held up comfortably above $5. fannie mae and freddie mac also getting big volume today. that's the first part of the rally was in financ
rally going here. but aig, it's surging again. shares right now up roughly 30%. it's almost a $50 a share, a momentum play, a short squeeze? we'll talk to a trader who has an idea and the price targets. >> and i'm sue herrera, jap on heading to the polls to elect a new leader. what does that mean for the world's second biggest economy and for you as an investor. we'll show you the smart way to play japan. >> michelle is off today but we have a special guest host this our, our friend mullencamp is with us, and we'll find where he is putting money to work, and what he thinks about the summer rally, and among other things, we'll get to. but here's what else is on the menu today. >> i'm hampton pearson in washington. the fdic says its list of problem banks hit a 15-year high in the second quarter, and fdic chair sheila bair says a banking industry balance sheet recovery will lag behind the rest of the economy. >> i'm phil lebeau in chicago. boeing hopes the third time is the charm when it comes to is heing a schedule for the 787 dreamliner. we'll tell when you its first fight is sched
today, which we'll get to. aig continues its surge, so stick around for details on all of that, coming up. >> i'm sue herrera, goliath versus goliath, ramping up moves into financial services. we'll tell what you the world's biggest retailer is up to. >> we are pleased to welcome our special guest this hour, j.j. burns, the president of j.j. burns and company, good to see you sir. we'll find out where he is putting his money to work these days and his take on the fab five stocks this week, the fannies, the freddies, the aigs, and b of as. here's what else is on the menu today. >> i'm jim goldman in the silicon valley bureau, another helping of california cuisine, a one-two punch of good news from dell. and intel strength where we didn't expect it and the news that isn't merely less bad but actually good. and shares are reflecting that. >> i'm julia boorstin in los angeles. retailers suffered through the recession, but now things are starting to look up. cost cutting helping the bottom line and protecting its high end i imaginage, back in the door when they were ready to spend. >> all
: then, a.i.g. shares soar as the tax payer investment finally turns a profit. but the bailed-out insurer isn't out of the woods yet. we'll tell you why. >> susie: i'm susie gharib. >> jeff: and i'm jeff yastine. paul kangas is off tonight. this is "nightly business report" for friday, august 7. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. >> susie: good evening, everyone. the nation's unemployment rate fell for the first time in a year, and president obama said today that the worst of the recession may be over. the labor department reported that american businesses cut 247,000 jobs in july, the slowest pace since last august. the unemployment dropped slightly to 9.4%. president obama welcomed the news as a sign that the economy is improving, but cautioned that more work needs to be done to reach full recovery. >> as far as i'm concerned, we will not have a true recovery as long as we're losing jobs, and we won't rest until every american that is looking for work can find a job. i have
crystallizes around one episode from around last year, the government bailout of insurance giant, aig. that came just days after goldman's -- lehman brothers was allowed to fail. and was decided by treasury secretary that used to be the boss of goldman sachs. when this financial crisis stru goldman had an initially $20 billion exposure to aig, some of which it had offset. had aig gone bust there was a r and paulson recently said that there were significant issues with goldman at the time. >> the biggest beneficiary of the billions of dollars pumped into aig, much of which went straight through aig and onto its counterparty was goldman sachs which got $12 billion of it. >> reporter: meetings over the second weekend of last september here at federal reserve bank of new york had already condemned lehman brothers. just subsequent meeting on aig, goldman's chief executive was the only chief bank present and treasury secretary paulson should have never well about goldman's sensitivity to aig's fate. he'd been boss of goldman when many of the aig deals were struck. >> the ceo of goldman sach
of inrance giant, aig. that ce just days after goldman's -- lehman brothers s allowed tofail. d was decided treasury secretary that used to the boss ofoldman sachs. when this finanal crisis stru goldman d an initially $2billion exposureto aig, some of wich itad offset. had aig goneust there was a rea and paulsonecently said that there were signifint issues with goldman at the time. >> the biggest beneficiary of the billions of dollars pumped into aig, much of ich went straight through aig and onto s counterpart was goldman sachs which got $12 billi of it. >> rorter: meetings oer the second weekend of lt september here at federal reserve bank of new york had already condemned lehm brothers. just subsequent meeting on aig, goman's chief executive was the only chie bank present and treasury secretary paulson should have never ll about goldman's sensitivity to aig's te. he'd been bo of goldman when many of the aig deals we struck. >> theeo of goldman sachs was the room during these negotiations and i know this from somebody who s also in the om at the time. whereas t primary regulator of aig,
-by-state basis as the industry currently is. obviously, with the aig issues, that's a monster insurer that has essentially been the poster child for things gone wrong over the last couple of years, the desire is there to make a change. lawmakers are tiptoeing around it. they are not sure how to come in or how they would come in. >> lastly, so muchç on the congressional plate on healthcare, energy, where does all of this -- this re-regulating of financial regulators, the changing of the regulatory system where does all of this fit into that. >> that's the big question right now. obviously, president obama has said by the end of the year he wants something on his desk that he can sign. the treasury has been aggressive getting their proposals out. they've sent legislative language to the hill. i think in the house, it's almost assured mainly due to the majority, just due to the rules of the system that they will move something in the fall and probably early fall. they're going to in a piece by piece basis, separate bills and combining them into a separate package. the big question is the senate
officer of aol in advance of the spinoff from parent time warner. and former aig outside directors are asking that a shareholder lawsuit be dismissed. it accuses them of ignoring things that led to a bailout. that's cnbc.com news worldwide. much. >> i'm mandy drury standing in for trish regan and melissa francis. stocks are lower. despite economic data development, and gdp. plus, the latest on the fdic quarterly report on problem banks. larry? >> i'm larry kudlow, everyone. citigroup up about 70% in the last month. aig, fannie mae, freddie mac also on the rise. we'll discuss whether there is still an appetite for these risky stocks. this is "the call." we are cnbc. >> stocks trading negative to find better than expected results on both gdp and jobless claims. and the fdic reporting the number of problem banks rose sharply in the second quarter. home builders also lower, after toll brothers reported a widening second quarter loss. right now, the s&p is also to the down side. and the nasdaq is not doing too much better, an over 1% drop for the s&p 500. and the nasdaq is only getting
's take a look at some of these hot stocks. mentioned neck wear specials.. taking aig, cit off the board. we know those are huge media stocks up, gannett, louisiana pacific, masco, building products company, very strong. macerich, the financial sector 72% in the last four weeks. real titans of the trough, aig, of course, has an unbelievable run.n. look at trw, over 1,000 percent. genworth 1010, office depot, ford, another $1.50 to $8move. take a look at aig, we keep holding that up as the darling of the clunkers because of its short-term and surprising move to many. if you look at super composite financial index which is small, mid and large cap financials, there are 20 stocks that not only beat aig but buried aig from the trough, i showed you gen worth, bank of america, hartford, capital one all beating aig off the bottom. >> matt, what's our takeaway here? those were some incredible numbers. is it luck? is it the rising tide, they were off. look at office depot. look at the mall read. malls aren't doing well. >> you're lucky if you bought them, had the confidence to really buy into the
stock exchange this week. just look at aig. and of course we had a whole hour essentially discussing various aspects of aig. the bottom line is this. not only was there a short squeeze it has been going on for weeks, but in addition, mr. benmosche making some positive comments in the last week. then recent revelation that's mr. benmosche was in fact talking to hank greenberg, also helped move the stock up in the last day. i hope you heard what we were talking about in the last hour, mr. greenberg calling in to cnbc and saying those recent rumors on the chat boards that he might be leading an investor group to try to take over aig not true here. take a look at citigroup. you can see citigroup moving forward here throughout the day, over 1 billion shares there as well. finally, second leg of this whole rally occurred when the dollar dropped around 1:30 eastern time. that had a dramatic effect on some of the big commodity names. that helped more everybody forward as well. there's a big drop in the dollar. murphy, you can see a move up in some of the oil names. they have been lagging thr
that stock is headed. also, we will go dumpster diving. many stocks left for dead. aig, fannie mae, nice pops today. we will tell if you there's any value in the stocks. first, more "power lunch" right after this. has the fastest serve in the history of professional tennis. so i've come to this court to challenge his speed. ...on the internet. i'll be using the 3g at&t laptopconnect card. he won't so i can book travel plans faster, check my account balances faster. all on the go. i'm bill kurtis and i'm faster than andy roddick. (announcer) "switch to the nations fastest 3g network" "and get the at&t laptopconnect card for free". >>> welcome back. we're almost halfway through the trading session. and the headlines this hour, first-time jobless claims fell last week by 38,000. the economist says that is a sign of hope that the economy may be on the road to recovery at this point. "the wall street journal" is saying banks and lawyers could rake in nearly a billion dollars in fees for helping to manage and then break up aig. ha shares of aig have been very strong all week. even in a weak market,
essentially. 87 cents friday. look at that, it's basically twice as much. aig, a similar story. they used the magic word in the earnings report, stabilized. some businesses have stabilized, and more importantly, the value of their assets have shown improvement. you put the two stories together, what happened here? eased concerns in the financial community about asset quality deterioration, number one. number two, helped people that believe it's going to be a double dip. financials going to deep down later in the year a little more on the back burner here. that's very important. look at the big banks today, they're up again. citigroup up 4%. bank of america up 13. decidioe i sigh zions bancorp up almost 20%. les moonves, the ceo of cnbc went out of his way to say the worst was behind them, some advertisers returning, and he anticipates a significantly stronger second half of the year for the company. once you start allaying the fears that credit quality is deteriorating larry, you get a nice move up in the financials. there's your leadership. >> let's talk more about the jobs report and th
and a bear and whether it means correction. >> plus, the united bonus outrage earlier this year, and now aig gains approval to pay its new chief executive a multimillion dollar payday. so do we really need a pay czar? that's ahead in today's "call of the wild." we'll be right back. based on the deal they get.pr others by the car of their dreams. during the lexus golden opportunity sales event, you can do both. special lease offers now available on the 2009 es 350. the first complete women's multivitamin in a drink mix. with more calcium and vitamin d... to support bone and breast health... while helping you hydrate. one a day women's 2o. refreshingly healthy. >>> welcome back to "the call." rick santelli on the floor. of hey, another data point today that really spending triggers paid attention to, and that, of course, was housing, even though it was down a bit single family homes jumped to their best levels since october of last year. pay attention to those metrics for housing. let's look at the charts. the dollar index, as you can see on the chart, it's stabilizing. it wasn't that long ago
we -- if we were going to stand and not let aig fail, we're certainly not going to let the banks. >> let me ask you about this. we got 8,100 banks in this fund. do we need 8,100 banks in this country? we're down 8,100 or whatever the number is so far this year. but according to the report today, 8,100 banks are part of this insurance fund. do we need 8,000 banks? why do we need that? >> i'm not sure that there is some right number of banks, but i certainly feel like smaller banks often provide valuable services and competition and serve markets that the larger banks don't serve as well. >> but aren't these little piggy banks the ones that are going down? that's what's happening here. some are bigger than others but on the whole it doesn't seem to shake the system. i'm into the banking destruction here. assuming you guys are right, and i hope you are that this stuff is going to be guaranteed and insured properly, then my next question is, so who cares? so a bank goes down, a big bank swallows her up and that's the deal. >> i agree with you. i think we let the small banks fail, we
think i dropped 20 pounds just in sweating. looking for the cooloff. >>> aig plans to pay off, manufacturing jumps back, and starbuck gives and taketh away. >>> plus, "inglourious baster " basterds." we'll tell you what it has going for it and against it at the box office this weekend. >>> a new uniform for plaxico burress. lightning strikes twice for molt. and what's gotten into the red sox? you're watching "early today." >>> good morning and welcome back to "early today," everyone. i'm dan kloeffler. and here are some of your top headlines this friday morning. >>> preliminary results are not expected for several days in afghanistan where millions voted in a presidential election despite terrorists of violence from the taliban. at least 26 people were killed in election-related violence. less than half of eligible voters went to the polls. >>> this morning's "new york times" is shedding some light on the degree to which the cia now depends on outside contractors to perform some of the agency's most important assignments. according to government officials, the private securit
's pay czar wil review t $7-million pay paage being arranged for a.i.g.'s new.e.o. a spokespersonor the president id a.i.g. needs good compete leadership that n return the bail out insurer to ofitability. still, incoming o robert benmoschcould earn millions more in performance-based incentives. last fall, taxpayers paid $1 billion to bail t a.i.g. >> paul: just in te for the hodays, sony is cutting the price its play station 3 by $100, to 299 bks. it's also launching a aller model with a 120 gigbyte hard drive xt month. play stion sales have fallen behind microsoft's "x-box"nd ninten's wii. but sony's c.e.o. thin nsumer reaction to the price cuts will be "enomenal." >> susie: here's a lk at what's happeng tomorrow: >> susie: tonight'of mutual intere commentator says there's a chan underway in the mutual fund market with grth funds gaining vor. he's john waggoner mutuafund columnist atusa today." >> everything goes in cycl. in t spring, the swallows return to capistrano. in the summer, the perse meteor showers lht up the heaven and every ten ars or so, growthunds return to favor. th
the $7-million pay package being arranged for a.i.g.'s new c.e.o. a spokesperson for the president said a.i.g. needs good competent leadership that can return the bailed out insurer to profitability. still, incoming ceo robert benmosche could earn millions more in performance-based incentives. last fall, taxpayers paid $182 billion to bail out a.i.g. >> paul: just in time for the holidays, sony is cutting the price of its play station 3 by $100, to 299 bucks. it's also launching a smaller model with a 120 giga-byte hard drive next month. play station sales have fallen behind microsoft's "x-box" and nintendo's wii. but sony's c.e.o. thinks consumer reaction to the price cuts will be "phenomenal." >> susie: here's a look at what's happening tomorrow: >> susie: tonight's of mutual interest commentator says there's a change underway in the mutual fund market with growth funds gaining favor. he's john waggoner mutual fund columnist at "usa today." >> everything goes in cycles. in the spring, the swallows return to capistrano. in the summer, the perseid meteor showers light up the heavens. and ever
seeing in an mbi, you get the kind of buying you're seeing in a cit, in an aig at the end of a move. and that's got people worried because there is a -- there's fraud. i say start buying. i think it's part of the game. i do not make that conclusion. i make the conclusion that citigroup is cheap here. global franchise, unloading bad loans, fabulous call on worldwide economic growth. good for the country, good for your pocketbook. citigroup, it's a buy. >>> coming up, cramer adds another member to his foreign legion. tonight, jim is headed to chile to find you a refreshing stock that could pour some profits into your portfolio. >>> plus, how can you tell if one bad apple is spoiling the whole sector? cramer picks apart the accounting stocks to give you the ones that could be ripe to buy. undefeated professional boxer floyd "money" mayweather has the fastest hands boxing has ever seen. so i've come to this ring to see who's faster... on the internet. i'll be using the 3g at&t laptopconnect card. he won't. so i can browse the web faster, email business plans faster. all on the go. i'm b
universities are offering mba's in new areas. >> investors are waking up to headlines of aig. michelle steel joins us live with that story and the rest of the business news in the bloomberg news report. >> good morning. aig is well known for getting billions of dollars from the government. now the guy who led the insurance company for 38 years may be facing a federal government lawsuit. they may sue the executive. he was pushed out during a government probe into its business. they accused of hiding losses and inflating reserves. the government is weighing a reorganization of fannie mae and freddie mac. they may put it in a government supported corporation. no decision has been made yet on whether to go through with the good bank-bad bank option. stock futures are pretty quiet indicating a slightly higher open. the government july jobs report comes out tomorrow. that is business news. reporting for wbal-tv. >> see you back here at 6:15. if you are in the market for new technology, now may be the best time to buy. >> the computer section at best buy was busy this afternoon. people checking at
. concentrate on the financials quickly. out liar financials, cits, aigs, freddie macs, fannie maes, all over the world. the crowd here, they're waiting for cit and freddie. very mixed picture. in general, more companies missed expectations than beat expectations. that's according to ken perkins. that's a little bit of a disappointment. we did see some very interesting trends here. kohl's and chico's was positive. nordstrom loss but -- in sales but it's much better than expected. there is earnings trend improvement story that's going on, which is why you're i don't guess to see some companies open up. macy macy's, gap, jcpenney, all raised guidance. some companies continue to report. abercrombie down 28%. american eagle, saks, all double digit decline. number one, still a story about cost cutting and. inventory reduction. still, number two, the demand still remains poor but inventory level are getting leaner and we're hear that consistently. finally, unusual amount of comments from trader rs about the cash for clunkers program and the extent it might compete with retailers. $400 for a car pay
or wrong message? >> look, goldman sachs was owed $6.35 billion by aig and they got it because gostz rescued aig. then they did an accounting move and hide all their losses in a previous year. now, they can't even say thank you by giving a little more money to americans hard working ferari dealers, you call that gratitude? >> at least they can do if they are making all this money, they could spend a little and share it with us. the bottom line, this is pr? they are afraid of the taxman. >> unfortunately in a heavily regulated society wall street servicing pr. >> one thing we should mention they do gifz away a lot of the money they receive. i know we would like to think of them as robber barons but there a lot of charity they use with the bonuses. >> of course. and they are concerned about the goldman sachs banks. we need to get people spending again. >> this is not about pr, it's about gm, government management. they are trying to get their hand out of pocket and their employees out of the newspapers. i think it's fine for them to say this but goldman sachs is now back in business ag
, four quarters into the future. i'd also say take a look at aig because this move is phenomenal and they have earnings this week, five straight losing quarters, bob, and yet people are bet on them with a huge way with the new leadership there. and obviously there's the big short squeeze going on. they did that 20-1 reverse stock split. i'm looking at over 240,000 calls changing hands. that's not retail. that's institutional buying in a big way in aig. >> yeah. 120 -- we're seeing volume magnitudes higher. there's been all sorts of speculation on aig, fannie, freddie all throughout the day here, some talk, speculation about a debt for equity swap that would certainly help the interest expense for aig. there's all sorts of things out there. let's talk a little about some of the industrials. johnson control, big well-known industrial company here. also getting some buying as well in the options market. >> yeah. and i've heard all day in your show people talking about industrials. certainly this is one of those core companies. everything from air-conditioning to the automotive expos
is growing faster than they expected. aig has a new ceo that has been on the job a couple of days. he is already leaving for a two week vacation. his vacation will not hurt aig, but it is probably not the wisest decision. that is the latest. back to you. >> he has to rest up before he starts the job. >> the worst pr possible. >> timing is everything. >> see you back here at 6:15 for your next report. >> we will get a look at your morning commute with traffic and weather together coming up. weather together coming up. >> the orioles some people buy a car based on the deal they get. - others buy the car of their dreams. - ( beeps ) during the lexus golden opportunity sales event, you can do both. introducing our best offers of the year on the vehicles intellichoice calls "the best overall value of all luxury brands." it's an opportunity today. it's a lexus forever. >> the country is still mourning the loss of eunice kennedy shriver. >> she founded the special olympics and touched many lives. our reporter has more. >> it was her sister rosemary that inspired her to have camp shriver at h
, but no consensus on that one. finally, the big, big high-beta names this week, fannie mae, aig, freddie and citigroup. i've said it many times. those four names account for 25 to 30% of the volume on several days this week of the new york stock exchange. larry, back to you. >> all right, bob, thanks very much. now, consumer sentiment drops to its lowest level in four months. renewed concerns about the labor market, apparently. so if the consumer doesn't lead a strong recovery, will business and corporate profits get the job done? here to discuss is michael pento, chief economist at delta global advisors of. hello, michael. how do you read the consumer spending number this morning? let's start with that. personal income, consumer spendi spending, how do you read it? >> the government has done one of the dumbest things the government can possibly do. they are going in -- further into debt to direct consumption, and you see the savings rate, which was almost 7%, in the high 6s, and now it's dropped for two consecutive months, now it's down to 4.2%. i mean, this is very, very dangerous for
monkeys? we will show you the video. they found him, the ceo of aig. we tune them out to the tune of $180 billion. they hired a new ceo. did he roll up his sleeves and go to work? not exactly, he took over on august 10th and then he won a vacation. -- and then he went on vacation. @ progress... it starts with more models than toyota or honda with an epa estimated 30 miles per gallon highway or better. next, it's a lineup of hybrids that fit the way you live, and one day, chevy volt, a car that can go up to 40 miles before it uses any gas at all. that's an american revolution. that's a-- tiny netbook. yeah, it's-- good-looking, lightweight. generally awesome. and you could just-- go online, video-chat with my cousin. this is un-- under $200. are you some kind of-- mind reader, visionary ? no, i have them. huh. the new lightweight hp mini netbook with windows and america's largest and most-reliable 3g network built in. only 199.99 with mobile broadband plans from 39.99 i am-- speechless, envious. wanna be me right now. getting one. you weren't always my favorite day. with all the pet hair i
. in the earnings, aig up 17%. yesterday had good earnings report. first profit since 2007. they used the magic word, stabilize. some of their business has stabilized. equally important, the value of some of their assets showed some improvement. that's really good because that was a key factor in some of the speculation of traders this week. it may have been a big part of that short squeeze that we saw on wednesday in aig. david will have more on this in a few moments. cbs, it wasn't a great report. revenues down 11%. let's move, mundez is positive. some advertisers are slowly starting to return. that stock is going to open up this morning. finally, hold on to air gains this week. looks like we're adding to that right now. tradertalk.cnbc.com. mike huckman, how are we doing at the nasdaq? >> things perked up here on the back of the unemployment report. but we seem to be holding steady, up .8 of a percent. we still have earnings stories to talk about here at the nasdaq that are moving a handful of stocks in the premarket, at least. invidia up. sales in this quarter are going to be way better than ana
an inventory replenishment. let's talk about aig. again, second day, big volume here, two theories about what's been going on. number one, earning coming out. maybe a really good quarter. maybe they'll get some news on their investments, maybe announce a debt for equity swap. i heard half a dozen theories today. more importantly stock lending desks appear to be making it more difficult to borrow. announcement the government was banning naked short selling may have made many lending desks more conservative. take a look at the big financial names. huge volume in bank of america and citigroup. other citi did over a billion shares several days in a row now. two-month high for citigroup. bank of america, that's the high for the year. 300 million shares a day for five days in a row now. as we know, michelle, yesterday radian, some of the other mortgage companies came out and made some positive comments. back to you. >> thank you, bob. we have quarterly results from cbs. cnbc's julia boorstin has the details. julia? >> hi, michelle. yes, we're getting earnings per share on an adjusted basis of 8 cen
aig which has become a giant money sink, again with your money. but at that point, ving let or maybe been forced to letehman brothers go wonder bernanke's.the new mantra in the monster is, whatever it takes. from that point on, he sees himself as the only thing that stands between us d the calamity of the depression. they lamps 10 tons of money to aig ande helps convince paulson to go to congress and get $700 billion to prop up the banking system. they guarantee money market funds, they guaranteed the debt of almost every financial institution in the country, they launched the whatever it takes campaign for the benefit o hindsight, the little hindsight we have i think you hav to judge as a succe. "the wall street journal" a few weeks ago pulled a bunch of wall street economists and ashem to great bernanke and i really like the comment that one of th may was. he said bernanke's record was outstanding, with flaws. you know, when i go i would like for someone toay that my record was outstanding with flaws. [laughter] i am happy to talk about why they did not save lehman and why they di
and said, larry, i have aig on the wire, and they're a seller. where are you on delta. where are you on five million. for a split second i hesitated. mike yelled, they have 5 million to go that's win i called it, 16.18. and at that point lehman brothers was committed to an $800,000 busy. standing up the traders, the no-going-bk phrase, and our first trade of delta was now cast in marble. i heard mark cry out the confirmation to the customer. you're done. sonds later, we got hit again. terrance parker on the lean. where are you on delta? five million up. people were desperate, trying t get rid of their holdings. i called th same price, 16, but the words were hardly out of m mouth when we got hit again for another five million and then again. instantly i dropped the price, 15.17, and our client grabbed it. the best bond sales, say, i got silver point on the line. where are you on delta right now, five up? three more sell orders came flashing in. besides me joe was talking in all directions, hit, buy, lift, 10 million up, where are you on the follow? he was a trading machine, and on th
for aig's new ceo next week. robert moss is slated to received $10.5 million bucks. ben mosh has reportedly reached out to former aig chief hank greenberg for advice. greenberg tells reuters he believes ben mosh has the best chance to succeed at rebuilding aig. aig shares rose 4% in after hours trading yesterday. you can get more news, videos and blogs as ross mentioned at cnbc.com. >> absolutely. still on the program, another twist in the opel drama. could the german government be forced to refinance? investors will be looking at a u.s. revised gdp data due out today. >>> a mixed association right now for global equity markets. adam will wrap up the asian session for us, stephane is in paris, sylvia is in frankfurt and first, becky is in london. >> it has been a bit mixed today. ierpan markets did open a little lower. let's check, as well, on some of the earnings news that we've had out this morning so far as we watch the ftse going higher by about 0.2%. we are tracking biaggio particularly. that company came out with figures showing earnings rose by about 10%. they cut their ou
 insurers led by aig and banks led by anybody but pnc percentage-wise. apartment investors, very strong, 8% high e citigroup, my worth, 10% move with a one day volume record, 347 million shares of citigroup changed hands today. quite a thing it was. tomorrow, more earnings coming out. weekly jobless claims, retail sales expected down 5%. comcast, directtv, black stone, cnbc all reporting, and don't ignore these if you're following the global story, unilever, they're all over the diabetes stories and thompson reuters, a big canadian company worth watching. >> i love banks. that has been my mantra. i'm glad the banks are still around, a great economic recovery sign. you mentioned citigroup, a government owned bank. citigroup did great today, fannie mae did great, freddie mac did great, the welfare recipients in the banking world. you own them as a taxpayer, you own them. why are they rallying and in particular, fannie, freddie and aig, you want to talk cash for clunk steres, this is clunkster city. >> they're the hottest group. >> freddie, fannie, aig? >> in the short term. the financials ha
, in an aig at the end of a move. and that's got people worried because there is a -- there's fraud. i say wait for a little selloff and start buying. i think frost is part of the conclusion. i make the conclusion that citigroup is cheap here. global franchise, unloading bad loans, fabulous call on worldwide economic growth. good for the country, good for your pocketbook. citigroup, it's a buy. >>> coming up, cramer adds another member to his foreign legion. tonight, jim is headed to chile to find you a refreshing stock that could pour some profits into your portfolio. >>> plus, how can you tell if one bad apple is spoiling the whole sector? cramer picks apart the accounting stocks to give you the ones that could be ripe to buy. announcer: some people buy a car based on the deal they get. others buy the car of their dreams. during the lexus golden opportunity sales event, you can do both. it's an opportunity today. it's a lexus forever. special lease offers now available on the 2009 is 250. >>> tonight, we're once again joining the foreign legion. not the french foreign legion, the crameri
i going to use? it's not important? >> we'll work out the details later. >> boeing revised, aig, and a place to pamper man's best friend. your early morning business headlines are straight ahead. >>> plus, is it an escapable fate that the final destination will win this weekend at the box office? >>> football history at usc, and eagles have landed, michael vick debuts for philadelphia. you're watching "early today." >> good morning, and welcome back to "early today." i'm dan kloeffler. here are some of your top headlines this morning. >>> after a year long inquiry, prosecutors have decided not to charge bill richardson for a pay to play scheme. it forced him to withdraw from president obama's nominee for press secretary. the governor was quote gratified he was vindicated. >>> california firefighters are battling a fast moving brushfire that charred 75 acres in the seaside sea of rancho, palo verde. an unknown number of structures in that area. >>> hoping to do something about prejudice against gypsies in romania, madonna found out how deeply those prejudices are held by some. ye
. troubled insurance company aig posted a $1.82 billion profit in the first quarter, the first gain for a while. a positive bias helped drive the stock up sharply. aig was one of the company's that received a federal bailout. >>> from tiny apartments at seattle area, they are turning into a big deal. apartment as big as a dorm room. >> just like any other seattle apartment -- >> dead, chair, table, refrigerator. >> and our room. the size of a parking space. the biggest is no more than 168 square feet. >> it is reshaping how people can live in the city. >> the developer came up with the idea after staying in a hostel in europe. he designed them for college graduates just starting out or professionals boggling and jobs. don't expect to put your toothbrush on your sink or eight loofah in the shower. one of a, one sink for everyone to share. several neighbors don't like the idea. >> critics complain that when the units came in, they got no one, no public hearing, nothing from the city. there is also the issue of parking to 46 unistar, six parking spaces. where are all -- six units here,
sleeping peacefully. nice to be back and talk to you this morning. all eyes on insurance giant a.i.g. today. the new getting a c.e.o. as its government-appointed head steps aside. according to the wall street journal the new leader is decisive and direct. a.i.g. is preparing to sell some of its assets to repay. after a drop in the unemployment rate friday, leading to a broad rally in stocks. posting gains in all u.s. averages. the u.s. economy may be on the cusp of a recovery. plus the nobel prize-winning economist says the deepest slump since the great depression may be ending. while many who were quick to fire at as the recession was impending may be quick to bring people back because they were too aggressive about getting rid of them. at the new york stock exchange, jayne king, reporting for wbal-tv news. >> you look amazingly awake, by the wafmente >> i don't know how you're doing it. >> let's see how i am tomorrow. >> welcome back. >> the time now, 5:22. 75 degrees on tv-hill. another cleck on your morning commute with traffic and weather together. >> and don't forget to e-mail us our
behind. >>> shares of a.i.g. shot up more than 20% thursday after the company's new ceo said he expect today fully repay his government bailout. earlier this month a.i.g. reported its first quarterly profit since 2007 but still must pay back the 182 billion bailout. >>> the equal employment opportunity commission claims at & t refused to hire holder workers because they left under early retirement plans. 50,000 workers accepted early retirement but it's not clear how many of them tried to get their jobs back. >>> this is good news and bad news for starbuck's lovers depending on what you drink. the coffee chain is lowering some prices and raising others. simple drinks like a plain cup of coffee will be cheaper. more complex ones will cost as much as 30 cents more per cup. >>> coming up on "good morning america," two popular cars are being recalled after shutting down in traffic. what is causing the new vehicles to stall? a gma exclusive after your local news. that is your money scope report. i'm vinita nair. >>> good morning, everyone. i'm meteorologist susan shrack. we're just star
financial firms or maybe even a firm like aig? >> i think there's a strong demands on the part of the public. the congress feels it, the regulators feel it to do something about the excesses that have occurred in the financial industry. therefore, i would not be surprised at all if we saw additional fines, but if they're going to be like this one, they're simply going to be, if you will, eye wash, not going to be meaningful. >> susie: what does all of this mean for investors who own bank of america stock? is it trading around $15. it was up around $15. is it -- does it make stones put new money in this, buy or sell? >> very definitely believe they should be buying it and buying it not because of settlement or the controversy in congress. because i think that the loan losses at bank of america will come down over the next couple of years allowing earnings to surge. it's that earning surge that the investor should focus on that's what they should buy in to. i would be buying bank of america stock tomorrow morning. >> susie: let's talk about the management changes that were announced today. i
financials are passing important technical signals. let me start with aig. the new ceo said he was going to repayment the government debthe- owes them, $180 billion, folks. good he is reaffirming that, but i think there is more of a technical thing going on this is a short squeeze, not a lot of shares outstanding, i think 134 million. remember they had that 20 to 1 reverse stocks and we talk more about that in the next hour. financials are all doing well, citi passed its moving average, $4.30 now above that. much other stocks have also been rising in the middle of the day in the financial areas. if you're wondering why stocks are up even though the weekly jobless claims number was weak, we had positive data elsewhere with the philly feds, and normally that's not a big market-mover, but traders were impressed with the first positive reading since september, 2008. most important thing, inventory levels are starting to rise a little bit. of that's a good kay tore overall that the economy is definitely hitting some kind of bottom. tradertalk.cnbc.com. scott, how's the nasdaq? >> the nasdaq i
financial outliers from cit as well as aig. aig had a very good earnings report this morning. that's allayed a lot of concerns. they're up nicely. some of the big banks also having a great week as well. tradertalk.cnbc.com. mike, what about the nasdaq? >> it's been a little up and down session so far today. right now we're up obviously. if we hold here, we'll close out a four-week performance at the nasdaq where it's risen 14%. that will be the best four-week performance in as many months. not everything is in rally mode today. shares of the big biotech company genzyme hitting a new intraday low. goldman sachs putting on the dreaded so-called conviction sell list. on the up side, because of earnings, graphics chips maker invidia hitting a new intraday high as well as kroks. i know people say the shoes are a fad, but it's up 30% with the company saying it's going to return to profitability next year. >> pisani really hit the nail on the head here. when it comes to commodities, there's such a push and pull between the dollar and the equity market. for a while here, oil was in lock step with th
need them, but they get issued by aig. we found out that aig was no different. it could blow up as well. aig was not there. the big the fault had to happen that wasn't supposed to happen. what is the difference? or going to aig? >> j. p. morgan used a ig a bit, not much, partly because they had internal limits. yes, in 1998, they cut the deal and discovered the joys, we have this supersenior, are you interested? he said yes, bring it on. because they can basically do whatever they want. so yes, j. p. morgan did deal with a ig quite a bit at the very beginning and yes, dealing with them throughout this decade but two or 3 years ago, far far less. >> they would never have lost a lot of money? >> not to that scale. if you look at the write-down of who they were exposed to it is pretty start. j. p. morgan was not in the top. who benefited most from a rescued? j. p. morgan was somewhere around 10 or 11. i can get the statement to you if you want. >> but what about -- >> they thought the situation was crazy. in 1988/1999, one of the fascinating things about the story is so many of the mistake
moving. aig is up another 10% here. it's up a 50% so far this week. a lot of traders have noted the preferred shares still pricing in considerable risk. tiffany, numbers good. we did have same-store sales down 16%. beat on the bottom line and raised the guidance for the third quarter although it is still below the analyst consensus here. mickey drexler knocking the ball out of the park. of course, they did have michelle obama. outlook for the third quarter was risen above analyst expectations. tradertalk.cnbc.com. hot in the nasdaq as well? >> big day for technology shares. dell is why. they exceeded expectations. a number of firms out this morning bumping up the price targets as well. the company also saying it is seeing improvement. here's dell shares in the premarket, up 5%. i hope you saw the headlines related to intel, raising their revenue forecast for the third quarter. now seeing rev at $9 billion. you see a big pick-up in activity. intel shares premarket as well. up just about 3%. all across big cap tech this morning you're seeing a lot of activity. a. le apple is up. m
them out. a.i.g., you can shake your head, but they -- the government gave the appreciate secretary $700 billion because the world was flying apart. a.i.g. was bailed out. that's why goldman sachs even exists today. goldman sachs has done a brilliant p.r. job convincing the world they have nothing to do with this downturn. it's nothing but the financial system which we had to save. these guys have lost perspective, giving themselves these monster pay packages. >> the pay czar says and i am quoting him, i have the discretion. david: does that mean if a s&p got a tax break, feinberg can adjust their pay? >> i think we're all at risk here. now that quentin's pop last friends are running the country, i hi we have to focus where the pay czar is to pay attention to be on the monopoly. the pay czar goes after the people who founded google. that's kind of a monopoly. i think they get paid $1 a year. they thud get 50 cents. a bigger monopoly is the government. let's have a pay czar limit the discounted present value of government pensions to $2 million. that would be devastating. david: pens
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